It’s going to be down but still up versus prior periods. So there’s some volatility around the margins on ACMI Services. That has to do with what we said earlier about where the opportunities might lie for military flying and commercial flying. But on the CAM piece, we talked about in our pre-release, there will be some aircraft coming back, we believe. That will create a pause, I guess, in terms of revenue stream on those 767-200s that we put the earlier release out on. CAM, certainly, in terms of their earnings margins that are impacted by the rise in interest cost, which is certainly a factor. And of course, inflation also can affect the investments, what it takes to put an aircraft on the ramp at least. The lease rate has held up nicely, but similar to comment earlier, sometimes there’s a little bit of a lag there when inflation moves really quickly because we have a lot of our growth already programmed in, just like we talked about our pipeline, in ’23 and ’24, with what, 40-some aircraft coming out and being leased.
We have a lot of that pipeline locked in 18, 24 months prior to when the asset comes out. So sometimes that inflation can impact the end-of-service cost, and that’s something CAM has to deal with. But it’s — we’re hitting our return margins there. The businesses looks to be positioned, as Rich said, to be the engine that will drive again in ’24 and ’25, we believe, double-digit EBITDA growth year-over-year. But in ’23, you have those — you have some returns coming back and you have that higher interest costs so there’s a little bit of a headwind there. I don’t know, Mike, if there’s anything…
Mike Berger: Yes, we view it as an investment year and the line of sight, as Quint mentioned, in terms of our order book in 2023 and ’24 and quite honestly, into 2025 on the 767 side is fabulous. And as we look at the engine, the e-commerce engine and what drives that retail sales as a whole from now to 2026 are going to grow — are scheduled to grow by $4.6 trillion, and $2.2 trillion of that is going to be in e-commerce. As Rich mentioned in his early remarks, we’re still seeing very, very strong growth in the areas that — around the world that we are seeing success in, Southeast Asia, Africa, the Middle East, for example, are areas that we’re seeing great success with new customers as well as our existing customers in those areas.
As we progress in ’24 and ’25, we’ll be right in the midst of our deliveries on the A330, and that investment for the A330 is taking place now. So we’re really keen on what the future specifically lies in our EBITDA growth and getting back to that 10-plus percent, as Quint talked about, in the upcoming years.
Rich Corrado: The other piece that I’ll just talk about is from a strength standpoint is retirement. During the pandemic, about 15 freighters were being retired a year. On a normal year, it’s about 70. What does that mean? That means that the demand for cargo freighters around the world is just going to continue to add strength. So we continue to be real positive.
Michael Ciarmoli: Just on the capital intensity of business. I mean, that sustaining CapEx guidance is going to be up 40% to $260 million. I mean, is there anything unique happening this year? I mean, presumably, maintenance part, overall kind of shop are getting more expensive. But how should we think about this sustaining CapEx going forward?
